Product differentiation that makes the product ________ is known as vertical differentiation.
A. less expensive to produce
B. more similar to the rival's product
C. better for some consumers and worse for others
D. better than a rival's product from everyone's perspective
Answer: D
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The cross elasticity of demand
A) means that an increase in the demand for one good leads to a decrease in demand for another good. B) measures how a change in the price of one good impacts the demand for another good. C) measures how a change in supply impacts the demand for the good. D) means that an increase in the price of one good leads to an increase in the price of another good. E) measures how a change in income impacts the demand for the good.
The _____ gives a hunter ownership rights on a bird killed by him while it was flying over his property
a. unitization contract b. Coasian reasoning c. rule of first possession. d. rule of reason
An increase in the marginal productivity of labor will tend to
a. shift the labor supply curve rightward if the change is temporary. b. result in an increase in employment if the change is temporary. c. result in an increase in employment if the change is permanent. d. all of the above.
The wage difference between jobs that require education and those that don't
a. is not likely to be related to productivity differences. b. is a barrier to obtaining an education. c. does not affect the supply of workers in the different labor markets. d. encourages workers to bear the cost of acquiring education.